Published On: Tue, Mar 14th, 2017

GBP/JPY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is going to reverse from descending to ascending. The instrument has entered the cloud. The closest support level is Tenkan-sen line (139.88). The closest resistance level is the lower border of the cloud (140.18). On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (139.52). The closest resistance level is Kijun-sen line (140.55).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (138.96) and Stop Loss at the level of Kijun-sen line (140.55).

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Forex Analysis

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